Investor Presentation February 2008

1. Investor Presentation February 2008

2. Disclaimer Statements in this document, to the extent not based on historical events, constitute forward-looking statements. Forward-looking statements include, without limitation, statements evaluating market and general economic conditions in the preceding sections, and statements regarding future-oriented costs and expenditures. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date thereof. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties with respect to the company include the effects of general economic conditions, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. 2

3. Positioned for rapid growth • Extensive portfolio of projects in producing mineral districts in Brazil and Peru • Exposure to gold, nickel, silver, lead and zinc • Generative pipeline of early stage projects • Three Intermediate stage projects working towards resource definition • Acquisition targets for rapid corporate growth

4. Key Strengths • Experienced economic geological management team • Control of district/large-scale targets located in prospective mineral terrains with existing ore deposits • Project and target selection criteria designed to identify potential to host major US$1 billion + in-situ value • Generative programme to increase asset base and project pipeline • Intermediate stage projects leading to resource development • Close contacts with mining companies in Brazil and Peru - aim to be a preferred local exploration partner – Troy Resources JV confirms business model • Lack of exploration funding has created an imbalance in supply and demand of mineral projects – Horizonte well positioned to exploit this opportunity

5. Directors David J. Hall, Msc, Non Executive Chairman - 24 years in the exploration sector on projects and mines in over 40 countries. Previous positions include chief geologist for MinorcoSA; consultant geologist for Minorco South America; and exploration manager for AngloGold South America. Jeremy J. Martin, Msc, ASCM, Director and Chief Executive Officer (London/Peru/Brazil) - Extensive South American exploration experience for Inca Pacific Resources Inc followed by Central America and Europe. He has been involved in the formation of various AIM listed companies and has completed a number of high value mineral project transactions. Nicholas R. Winer, BSc, Director and Chief Operations Officer (Brazil) - 20 years experience in gold, base metals and diamond exploration in South America, Africa and Australia. Previous positions include exploration manager for AngloGold do Brazil Ltda., + exploration manager in Brazil with the exploration division of BHP Limited. Allan M. Walker, MA, Non Executive Director - 22 years experience in investment banking, primarily in energy, project finance and private equity, particularly in emerging markets. Previous positions include head of energy finance in London for Standard Bank Plc; director in global energy and project finance group of Credit Suisse First Boston in London; and head of the energy group at CSFB Garantia in Sao Paulo, Brazil. 5

6. Peru is the world’s largest silver producer 50% produced from the Cerro de Pasco district In 2005 Peru produced 102.6Moz Ag Cerro de Pasco supports 80% of Peru’s base metal production from 12 large producing mines Road, rail and process infrastructure in place Peru Cerro de Pasco is one of the world’s great mining districts

7. El Aguila: Silver-Lead-Zinc • Granted mining licence covering 10km² • Straddles the Cerro de Pasco fault – a principle control on mineralisation for mines in the district • Two initial targets - Pacos Hill and Zona Sur • High grade sulphide veins known from colonial times - mined during the 1970s • Excellent infrastructure in place around the project area

8. El Aguila - Results ‘Veta Sur’ returned 6 metres grading 10.7 oz/t Ag, 7.8 % Pb and 5.9 % Zn. (R-6502 & R-6503) Trench sampling returned 16 metres grading 4.6 oz/t Ag, 2.8% Pb and 0.7% Zn, including 2 metres at 9.1 oz/t Ag, 6.8% Pb and 1.1% Zn Underground sample returned 1.2 metres grading 13.9 oz/t Ag, 8.8% Pb, 2.2% Zn and 0.46 g/t Au Results of June 2006 surface and underground work programme at Pacos Hill Work defined new geological model, metal grades not only linked to veins but occur as replacement structures giving significant tonnage potential – drill target definition 8

9. El Aguila Model 9

10. Pacos Hill - Drilling Results October 2006 Horizonte completed 11 diamond holes totalling 1,350 meters. The principle intercepts from this programme are shown below: Weighted Average of US$172/tonne Based on: $10/oz Ag $1500/t Pb $3000/t Zn $550/oz Au 10

11. Zona Sur - Target Underground sample of the Veta Vicky which returned 1.1g/t Au, 25.5 oz/t Ag, 0.27% Cu, 11.05% Pb and 2.49% Zn Zone of hydrothermal breccia – Zona Sur 11

12. El Aguila - Summary • Initial drill results at Pacos Hill demonstrate high grade Ag-Pb-Zn-(Au)-(Cu) replacement mineralisation similar to the giant Cerro de Pasco deposit • Four target areas defined to date within the project area • Grades and widths in line with current producers in the district • High value per tonne rock - +/- 10 g/t Au equivalent • Excellent infrastructure in place around the project area for rapid development • Ready market of major Ag-Pb-Zn producers active in district Potential = high grade silver / zinc deposit

13. Brazil • Brazil is a leading producer of gold, iron ore, tin, aluminium and shortly copper • Vast under-explored country >8.25 million km² - covering wide range of prospective geological terrains • Presence of major and mid tier mining companies • Established and growing economy with favourable investment climate • Proactive government support with efficient mines department and modern mining legislation

14. Tangara Gold Project • 300 km2 exploration block covering part of Greenstone Belt with historic gold production in world-class Carajas Mineral Province • High-grade gold lodes: extensive garimpeiro workings and shafts mined demonstrates gold potential • Prospective geology, excellent infrastructure and low environmental sensitivity • Rapid definition of gold targets

15. Tangara Summary • US$2.8 million Option Agreement with Troy Resources for the Tangara gold project in Brazil • US$800,000 staged cash payment, US$2.0 million exploration and development commitment • Additional US$2 million cash payment upon exercise of option to advance project to production • Royalty to Horizonte of US$30 per ounce up to 500,000 oz produced • Net Smelter Return (‘NSR’) of 2% on production in excess of 1 million oz gold • Agreement fast tracks the development of the Tangara gold project and provides mid term cash flow potential for the Company • Incoming funds allow Horizonte to fast track resource development on other core projects Potential = multiple satellite gold discoveries mid term cash flow potential

16. Lontra Nickel Project • 256 km2 exploration block covering part of Araguaia mobile belt • Xstrata new discovery to the north, Serra do Tapa Ni laterite deposit preliminary inferred resource of 73.3 Mt @ 1.0% Ni. Second discovery Vale dos Sonos • Lara new Ni discovery 25km to the west of HZM project 2006 • HZM rapid definition of 7 target areas with stream sediment sampling and follow up soil lines • Rock samples return 1.6% Ni

17. Lontra Nickel Project

18. Lontra Ni Project Garneirite veinlets developed within weathered ultramafic rocks Laterite development in road stone quarry at Lontra 18

19. Lontra Benchmark Xstrata – Serra do Tapa

20. Lontra Nickel Project • 2 target areas with drilled Ni mineralisation • Raimundo 2km by 0.5km • Southern 2km by 0.8km • 2 new target areas • Raimundo - 6 holes returned + 1% Ni with 14 holes greater than 0.5% Ni • Significant cobalt present potentially enhances project economics • 2,000m auger drilling programme underway

21. Falcao Copper Gold Project

22. Falcao Project • Control of 300 sq km portion of the Inaja Greenstone Belt • 6 km long Cu/Au soil anomaly – large scale mineralised system • New soil and stream anomalies defined • Stream sediment sampling programme defined two new high order gold targets • Wide spaced (1.6km by 600m) drilling by BHP returned; - RC-18 6m at 7.0 g/t Au - RC-17 3m at 4.0 g/t Au - RC-26 3m at 3.7 g/t Au Discovery potential for bulk tonnage Au+/-Cu deposit

23. Target developments 2008 Tangara - Au • JV partner Troy mining – major resource drilling programme El Aguila - Ag Zn • Drill result compilation and resource definition Lontra - Ni • Shallow auger drill programme to test laterite profile • Follow up RC programme to determine resource potential Itajobi - Ni Cu • Implementing exploration programme to identify drill targets Falcao – Cu Au • Advancing exploration programme Pipe Line • Advance portfolio to drill target definition New Acquisition • Identification/appraisal of intermediate stage projects in Brazil and Peru

24. Value Model Cash payment US$2.8 million US$ 800,000 staged cash payment US$ 30 per oz up to 500,000 oz Au produced Ground Staked Drilling & Resource Identification Farm-out Troy Resources Additional US$ 2 million cash payment NSR of 2% on production < 1 million oz Au Investment circa US$1 Million Potential circa US$20 million return

25. Why Invest in Horizonte? • Focused in prospective and stable mining countries • Exposure to gold, silver, zinc and nickel • The right team with a well defined business strategy • Three regional scale projects all capable of delivering a major discovery • Working towards resource definition on 3 projects • Extensive portfolio of new projects • Proven delivery - achieved objectives since listing • Strong news flow • Valuation differential since listing

26. Comparatives

27. Contacts Jeremy Martin Managing Director Horizonte Minerals plc 22 Grafton Street London W1S 4EX Tel: 020 7495 5446 Mobile: 07748 687 366 j.martin@horizonteminerals.com www.horizonteminerals.com 27